| Home Buying Tips |
 | |  |
 | |  | |  | |  |
| Topic Shorts www.tripple-d.com |
Home Buying Tips,
Consider these tips before buying a home.
Before you start looking for a home, become an educated consumer.
Knowledge is power and misinformation gets in your way. First, learn
about the process and requirements for buying a home. Common
misconceptions include ? Renting is always cheaper than buying ? You
have to be a Permanent Resident of the United States to buy a home ?
And you have to have a huge down payment to qualify for a mortgage.
You won't be able to afford a mortgage.
Shop around for the best possible mortgage for you. Many people use
the services of independent mortgage specialists to track down the best
mortgage rates. This service is usually free. It is a good idea to visit your
financial institution before making an offer. Financial institutions will pre
approve you for a mortgage thereby giving you better negotiating
power. This will let you know what you can reasonably afford.
If a deal sounds too good to be true, it probably is. Always become
familiar with the area you intend to move into. Check out proximity to
schools, churches, groceries, playgrounds,etc. Check out the property
taxes and heating bills. You may want to talk to your future neighbours
about the area.
Have a Financial Plan Before You Find a Home
Consider these tips before buying a home.
Before you start looking for a home, become an educated consumer.
Knowledge is power and misinformation gets in your way. First, learn
about the process and requirements for buying a home. Common
misconceptions include ? Renting is always cheaper than buying ? You
have to be a Permanent Resident of the United States to buy a home ?
And you have to have a huge down payment to qualify for a mortgage.
You won't be able to afford a mortgage.
Shop around for the best possible mortgage for you. Many people use
the services of independent mortgage specialists to track down the best
mortgage rates. This service is usually free. It is a good idea to visit your
financial institution before making an offer. Financial institutions will pre
approve you for a mortgage thereby giving you better negotiating
power. This will let you know what you can reasonably afford.
If a deal sounds too good to be true, it probably is. Always become
familiar with the area you intend to move into. Check out proximity to
schools, churches, groceries, playgrounds,etc. Check out the property
taxes and heating bills. You may want to talk to your future neighbours
about the area.
Have a Financial Plan Before You Find a Home
You can reduce the stress of home buying by thinking ahead. Before you find a home you want to purchase, develop a
financial plan. This plan becomes your guide not only for saving money for the down payment, but also for covering other
expenses such as your credit check, mortgage application and closing costs.
With each house you tour, ask yourself these questions:
When buying a house, hire a building inspector and get a report from him/her. The price you will pay for the inspection is very
small compared to the value of your house. Never be pressured by overzealous realtors who may suggest you skip the
building inspection.
Do not ever buy a property without taking a thorough look at what you are buying. "Site unseen" purchases often end in
disaster. Take a look at the other properties selling for the same price. Compare, Compare, Compare. As a buyer, you must
always conduct a pre-closing view with your realtor on closing day or as close to the closing day as possible. Return to a
property as often as you like. This does not commit you to anything. This final viewing ensures that you are getting exactly
what you are paying for. Ask how long the property has been on the market. This may enhance your bargaining power.
Your offer to purchase a property may contain as many conditions as you see fit. Common conditions include: proper
financing, good water test results, occupancy date. Conditions may vary widely ; anything from fixing a pane of glass to
replacing a roof. If you are the seller of a house, make sure that hidden items like flooding basements, roof leaking,
insulation... are declared. In a hot real estate market to many conditions may to a sale may make it harder to get an offer
accepted.
financial plan. This plan becomes your guide not only for saving money for the down payment, but also for covering other
expenses such as your credit check, mortgage application and closing costs.
With each house you tour, ask yourself these questions:
- What features are most important to me? Number of bedrooms? Number of bathrooms?
- Does it have special features like a garden, a fireplace, a yard or a garage?
- Do I want a newly constructed house or a house that has been lived in before?
- Is it most important that the house be near a specific school, my job, or public transportation?
- What is the school district like?
- Are there kids in the neighborhood who are the same age as my own?
- Does this house need a lot of repairs?
When buying a house, hire a building inspector and get a report from him/her. The price you will pay for the inspection is very
small compared to the value of your house. Never be pressured by overzealous realtors who may suggest you skip the
building inspection.
Do not ever buy a property without taking a thorough look at what you are buying. "Site unseen" purchases often end in
disaster. Take a look at the other properties selling for the same price. Compare, Compare, Compare. As a buyer, you must
always conduct a pre-closing view with your realtor on closing day or as close to the closing day as possible. Return to a
property as often as you like. This does not commit you to anything. This final viewing ensures that you are getting exactly
what you are paying for. Ask how long the property has been on the market. This may enhance your bargaining power.
Your offer to purchase a property may contain as many conditions as you see fit. Common conditions include: proper
financing, good water test results, occupancy date. Conditions may vary widely ; anything from fixing a pane of glass to
replacing a roof. If you are the seller of a house, make sure that hidden items like flooding basements, roof leaking,
insulation... are declared. In a hot real estate market to many conditions may to a sale may make it harder to get an offer
accepted.